Prospera Announces Commencement of Service Rig Operations
Rhea-AI Summary
Prospera Energy (OTC: GXRFF) announced the start of service rig operations on its core Saskatchewan heavy oil assets, launching the second-half 2026 workover and reactivation campaign. The rig has been mobilized to Luseland for the first phase, focused on reactivating wells with proven historical productivity and remaining recoverable reserves.
According to Prospera, its 2024/2025 reactivation program covered 17 wells with capital of $1.64 million, generating $1.70 million in total net operating income as of June 30, 2026, with several wells still increasing output. Five wells have already achieved more than 2x payout, supporting the capital efficiency of reactivations. The company expects the current campaign to contribute to a higher 2026 exit production rate and to support balance sheet strengthening. Prospera also clarified that director Christopher Moore fully resigned from the Board effective July 8, 2026, for medical and personal reasons and holds no advisory role.
Positive
- 2024/2025 reactivation program NOI $1.70MM on $1.64MM capital as of June 30, 2026
- 17 reactivated wells in prior program demonstrating economic performance
- 5 wells from 2024/2025 program have achieved more than 2x payout
- 100% working interest in Saskatchewan core heavy oil properties supports low-cost reactivations
Negative
- Board member Christopher Moore fully resigned effective July 8, 2026, for medical and personal reasons
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - August 5, 2026) - Prospera Energy Inc. (TSXV: PEI) (OTC Pink: GXRFF) ("Prospera", "PEI", the "Corporation", or the "Company")
Prospera is pleased to announce the commencement of service rig operations across its core Saskatchewan heavy oil properties. The rig marks the launch of the Company's second half 2026 workover and reactivation campaign, a program designed to convert Prospera's deep inventory of workover and reactivation candidates into near-term, capital-efficient production growth.
Program Overview
The service rig has been mobilized to Luseland and is now executing the first phase of the campaign. This initial program consists of well reactivations with demonstrated historical productivity and significant remaining recoverable reserves, backstopped by success of the 2024/2025 reactivation program as detailed in our Key Wells Report and as seen by the following graph:
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/12143/308093_418f8d4bc4d858f7_001full.jpg
This 2024/2025 reactivation program consisted of 17 wells for a total capital expenditure of
Capital-Efficient Growth
Reactivations remain the most capital-efficient barrels available to Prospera. The Company's existing wellbores, field infrastructure, and now consolidated
This campaign builds directly toward the Company's 2026 growth plan and positions Prospera to exit the year at a materially higher production rate. Incremental barrels benefit from a low variable operating cost structure, supportive heavy oil pricing environment and the Company's WCS differential hedge all flowing through to funds from operations and reinforcing Prospera's ongoing balance sheet strengthening initiatives.
Board Update
Further to the news release issued August 3rd, 2026, Prospera Energy Inc. clarifies that Mr. Christopher Moore's resignation from the Board of Directors, effective July 8th, 2026, was complete and final due to medical and personal reasons. Mr. Moore does not hold an advisory role, nor does he participate in corporate decision-making or operations for the Company.
About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company's core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera's working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.
For Further Information:
Shawn Mehler, PR
Email: shawn@prosperaenergy.com
Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com
Shubham Garg, Chairman of the Board
Email: sgarg@prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will," "may," "should," "anticipate," "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/308093